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Brazil
Tucumã (Boa Esperanca) Project

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 Location:
308 km SW from Moraba, Brazil

  Project Contacts:
Fazenda Caraíba, S/N
Jaguarari
Brazil
48967-000
Phone  ...  Subscription required
Fax55-74-3532-8310
WebsiteWeb
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  • Overview
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  • Geology
  • Mining
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  • Production
  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StageConstruction
Mine TypeOpen Pit
Commodities
  • Copper
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life12 years (as of Jan 1, 2021)
Low capital-intensity open pit copper project. Commenced construction in Q2 2022.


Owners

Source: p. 24
CompanyInterestOwnership
Ero Copper Corp. 99.6 % Indirect
Mineração Boa Esperança S/A (operator) 100 % Direct
Ownership Tree
Mineração Caraíba S.A. (MCSA) acquired the Boa Esperança copper deposit concession from Corporación Nacional del Cobre (Codelco) in 2007 and became the legal owner of the mineral rights to the Boa Esperança copper deposit. In December 2016, Ero acquired approximately 85.0% interest in MCSA. In June 2017, Ero acquired an additional 14.5% by subscribing for shares from treasury for a total interest in MCSA of approximately 99.5%.In December 2017, the Company acquired additional shares of MCSA, increasing its ownership interest in MCSA to approximately 99.6%.

Contractors

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Deposit Type

  • IOCG
  • Breccia pipe / Stockwork


Summary:

The presence of abundant (>10%) hydrothermally precipitated magnetite with associated copper–iron sulfides in the breccias hosting the mineralization suggests a deposit type such as an iron oxide–copper–gold (IOCG). However, there are features of the Boa Esperança deposit that do not match the proposed IOCG deposit type. Among these are the presence of high sulfur mineral assemblage (chalcopyrite–pyrite), rather than the low sulfur copper sulfide mineral assemblage characteristic of the IOCG deposit type (chalcopyrite–bornite–chalcocite), as well as the high quartz content, the absence of pervasive hydrothermal alteration of the host rock, specifically sodic (albite) alteration, and the absence of gold. As such, the Boa Esperança copper deposit is interpreted to be a variant of an IOCG deposit type.

IOCG deposits are classified as separate from other large intrusive-related copper deposits such as porphyry copper deposits and other porphyry metal deposits, primarily due to their substantial accumulations of iron oxide minerals, association with felsic–intermediate type intrusions (Na-Ca rich granitoids), and lack of the complex zonation in alteration mineral assemblies commonly associated with porphyry deposits.

The Boa Esperança deposit displays primary and secondary zoning. The primary zoning corresponds to a distal zone, where pyrite (py) dominates, grading towards copper mineralized zones of pyrite–chalcopyrite (py–cpy), chalcopyrite–pyrite (cpy–py) ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The planned Boa Esperança mine will use conventional open pit mining techniques and diesel mining equipment to mine a total of 203 Mt of material over the LOM. This will consist of 54 Mt of ore and 149 Mt of waste material. Selective mine practices will be applied avoiding dilution. The operation will include normal drilling, blasting loading with 5.2 m3/3.9m3 (waste/ore) backhoe configured excavator and 38 t conventional trucks over an 8 m bench height (double bench of 16 m in fresh rock in interim and final slopes). Mining will be performed on a sub-bench of flitch basis to improve selectivity.

The mine plan was developed by NCL. The plan is focused on a single mine area, mined through consecutive mining phases or pushbacks. The mill throughput is based on an economic throughput assessment study, resulting in an average throughput of 4.0 Mtpa of sulphide ore and a ramp-up period of 12 months that assumes a production rate of 3.2 Mt in the first year of production. Production starts during the second quarter of Year 1 to avoid the rainy season.

The required pre-stripping amounts to 13.2 Mt, and activities have been scheduled over 24 months, starting in Year -2 quarter 2, through Year 1 quarter 1. The mining schedule requires an average mine extraction of 20 Mtpa. The mine movement decreases from Year 10 until the mining operations are completed in Year 12.

The mine is scheduled to work on a seven-days-a-week, three 8-hour shift basis, for 365 ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 62690
Copper Metal in concentrate M lbs 718

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Annual mining capacity  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Daily processing rate  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at August 31, 2021:
Open Pit Mineral Resources are stated at a cut-off grade of 0.20% Cu and are fully contained within an optimized pit shell.

CategoryOreTypeTonnage CommodityGradeContained Metal
Proven In-Situ (OP) 30,674 kt Copper 0.89 % 273.21 kt
Probable In-Situ (OP) 12,378 kt Copper 0.67 % 83.35 kt
Proven & Probable In-Situ (OP) 43,052 kt Copper 0.83 % 356.56 kt
Measured In-Situ (OP) 32,593 kt Copper 0.94 % 305.65 kt
Indicated In-Situ (OP) 15,095 kt Copper 0.7 % 106.06 kt
Measured & Indicated In-Situ (OP) 47,687 kt Copper 0.86 % 411.71 kt
Inferred In-Situ (OP) 554.82 kt Copper 0.65 % 3.6 kt
Inferred In-Situ (UG) 11,035 kt Copper 0.8 % 88.62 kt
Inferred Total 11,590 kt Copper 0.8 % 92.22 kt

Commodity Production Costs:

CommodityUnitsAverage
C1 cash costs Copper USD  ......  Subscription required&nbs
C3 fully allocated costs Copper USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2021
OP mining costs ($/t mined) USD 2.13 *
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 247
Freight costs $M USD 80
Transportation (haulage) costs $M USD 88
G&A costs $M USD 24
Total OpEx $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
$M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of August 31, 2021:
HME TypeModelSizeQuantity
Backhoe ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
....................... Subscription required ....................... Subscription required Subscription required Aug 31, 2021
....................... Subscription required ....................... Subscription required Subscription required Aug 31, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
Annual Information Form 2018
Feasibility Study Report 2017
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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